While today's 2:15 pm FOMC press conference is still some time away, it is never too late to reserve your seats: the conference will be presented below live. We will liveblog the event in the off chance Bernanke says something that may be even modestly unexpected, such as the truth.

In case anyone is still confused about what is going on:

Chairman Ben S. Bernanke will hold press briefings four times per year to present the Federal Open Market Committee's current economic projections and to provide additional context for the FOMC's policy decisions.

In 2011, the Chairman's press briefings will be held at 2:15 p.m. following FOMC decisions scheduled on April 27, June 22 and November 2. The briefings will be broadcast live on the Federal Reserve's website. For these meetings, the FOMC statement is expected to be released at around 12:30 p.m., one hour and forty-five minutes earlier than for other FOMC meetings.

The introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication. The Federal Reserve will continue to review its communications practices in the interest of ensuring accountability and increasing public understanding.

FED RAISES ESTIMATES FOR 2011 CORE INFLATION TO 1.3%-1.6%, WAS 1.0%-1.3% BEFORE

FED REDUCES GROWTH OUTLOOK FOR 2011, SEES TRANSITORY INFLATION

FED POLICY MAKERS SEE 3.1% TO 3.3% ECONOMIC GROWTH FOR 2011, WAS 3.4%-3.9% BEFORE

FED FORECASTS HEADLINE INFLATION OF 2.1% TO 2.8% THIS YEAR

The Chairsatan speaks.

Supposedly, despite the drop in the economy, Bernanke still sees strength in the employment trend.

Bernanke's voice sounds like a Stradivarious tremollo.

Bernanke remains confident he can tighten whenever needed. When the tie for tightening comes, he will consider both parts of his dual mandate. Nothing about the third mandate.

Bernanke expects Q1 GDP of under 2% but believes slowdown is
"transitory", factors are the "weather", weaker construction, and "less
momentum"

On how Bernanke's policies are destroying the middle class: we care about low inflation and attracting foreign capital to boost the dollar. Pinocchio is spinning in his grave.

What will the Fed do on surging fuel prices? A.Gasoline prices have risen quite significantly. This is a bad development (and an understatement). All of the increase in demand for oil has come from emerging economies. On supply side we have disruptions in MENA, which has driven gas prices up. All of the increase in the inflation forecast comes from the jump in gas prices. Nothing the Fed can do about surging gas prices without detailing growth. "The Fed does not print oil." But Fed will try to stop pass through costs from rising (whatever that means).

How is Fed working to create sustained job creation? A. Labor market is improving. Must make sure it is sustainable. Is encouraging to see improvement in recent months, although pace is quite slow.

Is there anything the Fed can do to prevent the public from believing higher inflation is coming? A. The inflation expectations we are worried about are medium term. In the indexed bond market see near-term inflation expectations rise significantly, but "for the most part" it is fair to say medium term expectations have not moved very much, and "indicate confidence in the Fed." In the short run can communicate what our policy is attempting to do, and what steps we are willing to take. If inflation persists, there is no substitute for action.

What will be the impact on the economic recovery when QE2 ends? How long with the Fed continue reinvestments? A. Will complete program without tapering. End of program is unlikely to have effects on market or economy. We hope to have telegraphed what we are planning to do. We subscribe to a stock view of securities purchases, which means that what matters is not the pace of ongoing purchase, but size of portfolio of Fed holdings. The amount of securities will remain constant so we don't expect an adverse effect from halting QE2. As for ending reinvestments will base decision on evolving outlook.

QE2 appears to have been ineffective. Can you end the program in June with unemployment rate still at 9%? A. I do believe QE2 was effective: we saw that first in the financial markets: we saw increases in stock prices, and reduced spreads. You would expect that based on decades of economic data that easing financial conditions would lead to easing economic conditions [but have not]. The conclusion that QE2 has been ineffective is wrong as it did the things it set forth to do. The trade offs are getting less attractive at this point. Unclear we can get improvements in payrolls without additional inflation risk, and if we are going to do a sustainable recovery, we need to keep inflation under control.

Can Fed effectively reduce long-term unemployment? A. LT unemployment is the worst it's been in the post WWII world. More people are unemployed for over 6 months than ever. Blah Blah Blah.

Do you think the US will be downgraded? A. This event [S&P warning] will provide one more incentive for congress to resolve the fiscal US problem. It's constructive.

Isn't it possible that the Fed's policies could be providing the reason for inflation? A. We don't view our policies as different from ordinary monetary policy. Problem is chosing the appropraite path of tightening, we have lots of experience in doing so? [Oh really, how many times has the Fed actually tightened under Bernanke's control].

What do you think will happen to the dollar? A. It will eventually rebound. Next question.

Some question about Rogoff and America's imminent bankruptcy. Same worthless answers.

This whole conference has been a complete and utter disappointment, and a disgrace for the jouranlistic profession. All the "reporters" who were there and asked the completely irrelevant questions they did will not be forgotten.

Why does anyone actually care that the Bernank has a talk show today? Perhaps people think he will say something either truthful or helpful. Time would be better spent cutting grass or washing ones car.

The writing is on the wall. It has been there for a while now. Things are bad. Things will then get worse, worser, and eventually worsest ever. One can not borrow their way out of debt. It ends in ruin because it has always ended in ruin.

What I take from this, more than anything Benocide actually said, was the intense and overwhelming lack of confidence in the room of the Fed's policy (ie. 'transitory inflation') by the more skilled journalists asking questions.

I think the peak of his popularity and influence has already been reached. What is the old phrase about once everyone knows the secret, the secret is useless? This press conference is merely showing that the secret is now officially out of the bag that following the Fed is all one has to do while investing.

In other words, I think the peak of the Federal Reserve's pretend influence on the markets has been hit and will never again be reached. He is about to lose control of everything that he believes he can control.

"Well, this fear of inflation, I think is way overstated. We’ve looked at it very, very carefully. We’ve analyzed it every which way. One myth that’s out there is that what we’re doing is printing money. We’re not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way. What we’re doing is lowing interest rates by buying Treasury securities. And by lowering interest rates, we hope to stimulate the economy to grow faster. So, the trick is to find the appropriate moment when to begin to unwind this policy. And that’s what we’re gonna do."

It looks to me that in next few years Americans will have to depend on their "services economy" and live on massages and nail polishing. Those eating gruel are used to it and will survive, but what about you, and me, guys in NA? No burgers, no burritos, no beer because gruel eating guys will stop delivering goods and money. Tough future, and I forgot: no best army in the world financed by puppets all around the world.

Obama ='s Lil Bush Part Duex 2nd Term of Less Privacy (for Citizens, Corporations of course will have yet MORE! Protections offered), More Tax Breaks (of course the sales pitch will be that some how the Tax Breaks will be GREAT! for the economy! even though the Tax Breaks will only end up effecting the top tiers bottom line) and more Privatization of anything and everything that the Government can give away to Corporate America that belongs to "We the People"!

You fucking Republicans, with your abortion, austerity, tax breaks and of course Austerity Measures... make sure you leave your "W" sticker on your car.. PLEASE!!! I got fucking liberal for you, I will give each and everyone of you cowards I can find some liberal love! better yet I will bank roll some extra love for you fucking ignorant fucks.. and I am a firm believer in nipping the bud, let that shallow gene pool you were spawned from as well be removed from any future threat to America.. You can pick you and yours up and go live in whatever police state you choose.. but my Country will not become a fucking 3rd world police state that caters to Corporate America. This Country will be taken back and those who did in fact promote this line of Less Taxes for the Rich and Less for everyone else.. will be found, or at least while things are crazy be open game! Quote me scumbag!

Thanks for that - much appreciated. Are there any clients of BullionVault out there who have an opinion onthe "safety" of their bullion with BullionVault? I would love to hear the opinions of ZH readers on this matter should you guys have the time to comment.

I don't have first hand experience with BullionVault, but I do with another company. They were "reputable", but still engaged in fractional-reserve-metal-lending. They claimed they were storing my metal, when in fact they weren't. When I asked for delivery, they simply sourced it from the mint.

Seems there is some hesitation from individual investors to figure out how to store their own metal, which then results in a heck of alot of trust being put in whomever you store it with and creates this type of lazy storage practice.

I personally think none of those storage places actually store 100% of bought metal. With todays supply issues increasing in Au and Ag, I'd be pretty wary of trusting any of these places.

Washington, D.C. -- The Smithsonian Museum plans to display a statue of Time Magazine's Man of the Year, Ben Bernanke, that it bills as the largest gold statue built since ancient Egypt, even bigger than the Kate Moss statue, "Siren." The statue of Bernanke will be displayed in the Museum in a gallery holding statues of other enemies of America.

Called "Gold, Bitchezzzz!!!!," the artist claims it's the largest gold statue of Satan in any of his known forms. "He is posed as he prepares to stick his head up his ass while simultaneously putting his foot in his mouth and fielding softball questions from politicians and journalists...only in the form of a Fed Chairman can Satan accomplish this feat!"

Why are you so shy about posting 5 day TZOO charts all of a sudden? It's the ultimate inflation hedge!

RoboSlob only posts charts of stocks that are rising, silly. RoboSlob's mom lost a good chunk of what remained of her life savings and retirement money in the wake of the the 2000 and 2008 crashes, and is now being punished further because she bought the top of some momos that RoboSlob recommended to her. She eats cat food for breakfast and lunch.

I hope at least one reporter asks him a serious question about America's Gold holdings. The Bernak must have been preparing for this.

What if he repsonds by saying something along the lines that America's Gold holdings are all intact and unencumbered. And that a rising Gold price means the US benefits from this since their holdings are the largest in the world?

I know probably far fetched, but wouldn't he do better by talking up America's Gold reserves? Either way bullish for PM's.

I will take your bet. The Bernank is a smooth criminal. The sad part for him as well as a great number of people, is that they think he will somehow save the US. He won't. History will portray him as some sort of valiant money wizard. The truth is more like you suggest, he is a scared little boy inside, full of insecurity and doubt.

...Holy cow ! A perfect Eephus -- slow as molasses right over the plate, from starting questioner Jon Hilsenrath ! It's outta' here -- "Bambino" Bernanke put that one WAY back into the upper deck in left !

This is going to be a home run derby like the old days...and it's only the top of the first !

He's not going to admit even the possibility about being wrong on inflation. BTW, if inflation is chugging along in the U.S. at a third the rate it is in India, China and every place else, why would Benny stop that?

Look at all the signals - GS' bear raid on commodities sets them up for a buy back. Margin increases provide some short-term relief on commodity bull runs (headroom). Ben can point to the disaster that is Europe and make some fictitious link to their recent tightening.

And on it goes. Nothing but dovish language will spew forth from the bearded hole in his face. And then let the games begin!

i do believe my inferior and less dense beard has prevented me from also attaining a high career position.

there must be an organization of lawyers out there that specialize in matters of facial hair discrimination? because i do believe i can prove to a jury that i can equally perform the job of fed chairman. i too can talk endlessly without saying much of anything anyone can discern, while simultaniously further screwing up the economy.

Listening to the MSM-tards this morning it's painfully obvious that these idiots love the genocidal maniac that has somehow risen to the chair of the federal reserve-- an institution hell bent on destroying anything worthwhile in the economy and blowing up things that add zero value to society.

Idiotic quote of the day (so far): 'It will be interesting to see just what Chairman Bernanke will do now to help boost employment even further.'

Wow the level of circle jerking I see going on here would make Hitler jealous and green with envy-- Bernanke has somehow convinced the idiots on tv and around the world (aside from a small population) that he knows what he's doing and is even applauded for his efforts. I'm never surprised at how dumb this world can get-- what a sad and pathetic joke.

"Comrades, we cadres of the Polish Socialist Workers' Party shall, with the guidance of our fraternal socialist brothers in the U.S.S.R., build socialism in our People's Republic by overfulfilling the Five Year Plan, completing it in 1959, not 1960, and thereby shortening the toilet-paper lines by 15 metres on average, per diem. Onward, comrades! To the Leninist days!" MEANINGLESS FED PRONOUNCEMENTS REMIND ME OF THIS. Ptt.